Ocala Metro Catalyst Fund
The Ocala Metro Catalyst Fund, Inc. (OMCF) is an independent 501(c)3 nonprofit organization, whose primary mission is to promote programs and initiatives which increase access to capital and finance to underserved populations in the Ocala Metro and to empower community development through entrepreneurship.
The intent is to build a Community Development Financial Institution (CDFI) to provide access to capital to entrepreneurs in the Ocala Metro's three majority-minority communities of Marion Oaks, Silver Springs Shores, and West Ocala. The OMCF is going through the process now to be certified as a CDFI but will begin making loans in early 2024. Watch this site for more information.
Community Development Financial Institutions (CDFIs) share a common goal of expandng economic opportunity in low-income communities by providing access to financial products and services for local residents & businesses.
CDFIs can be banks, credit unions, loan funds, microloan funds, or venture capital providers. CDFIs are helping families finance their first homes, supporting community residents starting businesses, and investing in local health centers, schools, or community centers. CDFIs strive to foster economic opportunity and revitalize neighborhoods.
A: Community Development Financial Institutions Fund
VISION
The vision of the Community Development Financial Institutions Fund (the CDFI Fund) is an America in which all people and communities have access to the investment capital and financial services they need to prosper.
MISSION
The CDFI Fund's mission is to expand economic opportunity for underserved people and communities by supporting the growth and capacity of a national network of community development lenders, investors, and financial service providers.
OVERVIEW
The CDFI Fund was created for the purpose of promoting economic revitalization and community development through investment in and assistance to Community Development Financial Institutions (CDFIs). The CDFI Fund was established by the Riegle Community Development and Regulatory Improvement Act of 1994, as a bipartisan initiative.
The CDFI Fund achieves its purpose by promoting access to capital and local economic growth in the following ways:
- through its Community Development Financial Institutions Program by directly investing in, supporting and training CDFIs that provide loans, investments, financial services and technical assistance to underserved populations and communities;
- through its New Markets Tax Credit Program by providing an allocation of tax credits to Community Development Entities which enable them to attract investment from the private-sector and reinvest these amounts in low-income communities;
- through its Bank Enterprise Award Program by providing an incentive to banks to invest in their communities and in other CDFIs;
- through its Native Initiatives, by taking action to provide financial assistance, technical assistance, and training to Native CDFIs and other Native entities proposing to become or create Native CDFIs;
- through its CDFI Bond Guarantee Program by issuing bonds to support CDFIs that make investments for eligible community or economic development purposes; and
- through its Capital Magnet Fund, which offers competitively awarded grants to finance affordable housing solutions for low-income people and low-income communities nationwide.
Since its creation, the CDFI Fund has awarded more than $5.2 billion to CDFIs, community development organizations, and financial institutions...
The Ocala Metro Catalyst Fund, through our partnership with Ocala Metro CEP, will promote programs and initiatives which increase access to capital and finance to underserved populations in the Ocala Metro and to empower community development through entrepreneurship.
Technical Assistance Services include:
- Technical Assistance & Support Meeting
- Business Planning
- Market Research
- Financial Analysis
Entrepreneur Programs will include:
- Who Owns the Ice House? - Entrepreneurial Mindset Training
- FastTrac Program I - Business Ideation to Launch program
- Entrepreneurship Leadership Academy (TBD)
- Program III TBD
The Ocala Metro Catalyst Fund (OMCF) plans to fund two (2) main loan types/vehicles during its initial phase of operations locally in 2024. OMCF will launch the Nanoloan Program in Jan 2024, and plan to open Microloan program after 2nd round of Nanoloan recipients complete the initial CDFI program. OMCF plans to introduce a third larger option when appropriate for community needs.
Those three (3) types are:
-
Nano loans (loans < $2,000)
-
Microloans ($2,000 – $15,000)
-
Small Business (loans > $15,000) - Phase II
Loan Terms & Pricing will be based on Market Rate +200 Basis Points and are for 18-24 month terms for recipients.
Yes, as a 501c3 nonprofit organization, the Ocala Metro Catalyst Fund is made possible through the generous support of our community. If you or your organization would like to support our mission to increase access to capital and finance to underserved populations, we encourage you to reach out today.
Please contact Natalie McComb, at natalie@ocalacep.com or 352-629-8051 ext. 113.
In order to qualify for CDFI funds from the Ocala Metro Catalyst Fund (OMCF), applicants must be from either 1.targeted geographic areas within CDFI service area OR 2. member of targeted demographic population within CDFI service area.
Targeted Geographic Areas / Neighborhoods (2024):
- Silver Springs Shores
- West Ocala
- Marion Oaks
Targeted Demographic Populations:
- Veteran-Owned Startups or Businesses
- Women-Owned Startups or Businesses
- Minority-Owned Startups or Businesses
NOTE * Primary Business Owners MUST primarily reside in Marion County FL to be eligible for CDFI Funds from OMCF
CDFI FUND CIMS MAPPING TOOL
This mapping tool was created by CDFI FUND to provide prospective applicants with the ability to search by address, census tract, and other geographic areas of interest to determine program eligibility for the BEA, CDFI, CMF, ERP, NACA, and NMTC programs. Use the search bar to type an address and view eligibility information on the map.
STEPS:
- CLICK LINK ABOVE ^^^
- INPUT HOME ADDRESS into Search Bar at top left
- CLICK ON BLDG IMAGE AT ADDRESS
- RECORD 11-digit NUMBER (Write Down or COPY/CTRL-C)
- INPUT 11-digit NUMBER in Field on next question
EXAMPLE: Census Tract FIPS 12083001102
11/22/2023 - CALL FOR APPLICATIONS
The Ocala Metro Catalyst Fund (OMCF) is calling for the initial round of applications to its inaugural Nanoloan Loan Program & Business Launch Cohort 2024. In preparation for CDFI certification process that OMCF will be completing in 2024, our staff is now accepting initial applications for the program. Entrepreneurs & Business Owners from the following neighborhoods in Ocala Mtero are encouraged to complete the Nanoloan Application now!
Targeted Geographic Areas / Neighborhoods (2024):
- Silver Springs Shores
- West Ocala
- Marion Oaks
Targeted Demographic Populations:
- Veteran-Owned Startups or Businesses
- Women-Owned Startups or Businesses
- Minority-Owned Startups or Businesses